He said many parents were concerned about youngsters being bombarded with adverts and media images that encouraged the "sexualisation" of girls.

Balls said the inquiry would be carried out by leading child psychologists and academics and would look at the cumulative impact of advertising on different aspects of childhood and well-being, to see whether commercial pressure had a "negative impact".

Balls said a ministerial group would examine the links between advertising and binge-drinking among children, including the effects of a "spike" of alcohol adverts on television between 4pm and 6pm.

He also said he would not rule out introducing new regulations, but stopped short of suggesting a ban on alcohol advertising before the 9pm watershed.

However, rather than trying to ban adverts targeted at children, the government is more likely to try to foster a sense of responsibility among advertisers.

A spokesperson for ISBA, the voice of British advertisers, told mad.co.uk: "The governemnt is right to look at everything that may affect children but we do not believe further regulations will make a difference to the amount of commercial exposure to children.

"The industry has already acted on the issue of obeisty by introducing new advertising restrictions but ads are not the issue and can't be blamed, its part of society and affluence. Ads cannot be blamed for society's problems such as anorexia and obesity. Of course advertisers want to play a serious part but calling for further bans is not the solution."

To read Melinda Varley's blog on this story or to have your say, go to madcomments.co.uk